November Market Update

VIREB Chair explained, "November didn’t hold any surprises, as we get close to Christmas the market usually slows down considerably. There is undoubtedly demand out there, but high interest rates are deterring many buyers from moving forward. Many potential buyers seem to be opting to wait until spring, with the hope that rates will come down. The BCREA anticipates that Vancouver Island Real Estate Board will close the year with around 7,100 sales, the lowest number posted since 2013."